Construction spending during September 2023 was estimated at a seasonally adjusted annual rate of $1,996.5 billion, 0.4 percent above the upward revised August estimate of $1,988.3 billion. The September figure is a healthy 8.7 percent above the September 2022 estimate of $1,836.9 billion. Of note, nonresidential spending saw a large increase over previous month’s levels. During the first nine months of this year, construction spending amounted to $1,463.5 billion, 4.6 percent above the $1,398.9 billion for the same period in 2022.

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